An independent trustee is an individual or a professional entity appointed to oversee and manage the assets held in a trust or estate. Their primary responsibility is to carry out the wishes and intentions of the grantor (the person creating the trust) as outlined in the trust document. An independent trustee acts as a fiduciary …
Preparing for the end of life is a vital endeavor, though not always simple. From a sensible perspective, it involves lightening the potential burden on your loved ones and yourself. Estate Planning holds more value than most people think. It gives you peace of mind, takes care of your loved ones, and preserves your legacy. …
Power of Appointment Provision within a Trust A power of appointment provision is a legally binding provision within a trust that empowers the surviving spouse or another designated beneficiary to change the ultimate beneficiaries of the trust. To provide an example, suppose a married couple’s trust includes a power of appointment clause. In such a …
Imagine this scenario: You have recently lost a loved one, and amidst your grief, you find yourself faced with the daunting task of settling their affairs. Among the many responsibilities that lie ahead, one crucial step stands out: conducting an estate inventory. An estate inventory is a vital component of the estate planning process. It …
A credit shelter trust (CST) serves as a valuable strategy in estate planning. CSTs can safeguard individuals’ assets from estate taxes while easing the smooth and tax-advantaged transfer of wealth to their beneficiaries. This trust is also referred to as a bypass trust, a family trust, or an exemption trust. The main purpose of a …
Common Questions about Massachusetts Credit Shelter Trusts Read More »
A special needs trust (SNT) is a crucial tool designed to protect and manage assets on behalf of individuals with disabilities. Its primary purpose is to enhance the quality of life for beneficiaries while preserving their eligibility for government benefits, such as Medicaid and Supplemental Security Income (SSI). Understanding the intricacies of a SNT is …
The Role of Different Conservatorships in Massachusetts Conservatorships are typically established for individuals who are incapacitated due to coma, advanced Alzheimer’s disease or dementia, or other serious illnesses or disabilities that prevent them from managing their estate. In other words, if an individual is unable to make sound decisions regarding their finances due to their …
Overview of Different Types of Massachusetts Conservatorships Read More »
What is a conservatorship? One of the tools commonly used to address the needs of adults with mental health challenges is conservatorship. A conservatorship is a court-appointed arrangement in which a conservator is empowered to make decisions regarding a protected person’s property and financial affairs. There are various types of conservatorships. Conservatorship appointments allow families …
If you haven’t established an estate plan yet, chances are you’ve heard from friends, family, and your local Estate Planning Attorney to begin the process. Once you acknowledge the importance of having a plan, it may seem like resorting to readily available “Do-It-Yourself” forms found online would be a convenient fix. While we love rolling …
Why you shouldn’t used canned estate planning documents Read More »
The grieving process after losing a loved one is made even more complex by the added challenge of probating an estate. Estate administration raises numerous questions from the start, including how expenses will be covered, which beneficiaries will receive an inheritance, and how access to the deceased’s accounts will be obtained. The probate process can …
Which estates need to go through probate in Massachusetts? Read More »
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